Advantax helps streamline property accounting records for packaging company, saving over $1.5 million
THE CHALLENGE
The national packaging company faced significant tax liabilities at its Indiana property.
THE SOLUTION
Advantax spent several days on-site, touring the facility, reviewing all assets and meeting with engineers from each of the major departments. In the process, Advantax discovered unrecorded disposals, misclassified assets and equipment without situs in the jurisdiction.
THE RESULTS
The issues were resolved, resulting in a 50% reduction of reported costs from the previous year. The company also received a refund in excess of $350,000 and was able to utilize the Advantax report to streamline property accounting records. Over a three-year period, Advantax saved the company over $1.5 million in property taxes on properties in California, Florida, Indiana, Missouri, Oklahoma, South Carolina and Washington.
